95-4872 Issue Notes(First Published on May 3/, 1995)t-Ju,,,e,7 /yps-
RESOLUTION NUMBER 95-4872
A RESOLUTION PROVIDING FOR THE ISSUANCE OF
APPROXIMATELY $2,500,000 OF TEMPORARY NOTES AND GENERAL
OBLIGATION BONDS OF THE CITY OF SALINA, KANSAS TO FINANCE
CONSTRUCTION OF IMPROVEMENTS TO AND THE ACQUISITION OF
NECESSARY EQUIPMENT FOR THE CITY'S SOLID WASTE FACILITY.
WHEREAS, the City of Salina, Kansas (the "City"), collects and
disposes of solid waste as a municipal function under the laws of the State of
Kansas, including K.S.A. 12-2101 et seq. . (the "Act") ; and
WHEREAS, the governing body of the City hereby finds and
determines that it is necessary to construct improvements to and the acquisition
of necessary equipment for the City's solid waste facility (the "Project") and
that the City has insufficient funds to pay for the entire cost of the Project
at the present time; and
WHEREAS, pursuant to Resolution Number 94-4687, the City has
previously expressed its intent to issue approximately $1,500,000 of temporary
notes and general obligation bonds (the "Obligations") for the Project, and,
pursuant to the authority established by Resolution Number 94-4687, the City
has issued $285,000 principal amount of Municipal Temporary Notes (Landfill
Project) Series 1994-B and a portion of its General Obligation Internal
Improvement Bonds, Series 1995-A in the principal amount of $735,000, which
leaves $420,000 of remaining authority for additional City Obligations to be
issued under Resolution Number 94-4687; and
WHEREAS, the City is continuing work on the Project by
constructing improvements to and acquiring equipment for the City's solid waste
facility and the City hereby finds and determines that it is necessary for the
City to issue City Obligations in addition to the City's remaining authority to
issue obligations under Resolution Number 94-4687;
NOW, THEREFORE, BE IT RESOLVED by the Governing Body of The
City of Salina, Kansas, as follows:
Section 1. It is hereby deemed and declared to be necessary for the
City to construct improvements to and acquire necessary equipment for the
City's solid waste facility.
Section 2. It is necessary for the City to issue its Obligations to
pay the costs of the Project in the amount of approximately $2,500,000 under
the authority of the Act and K.S.A. 10-123 , which Obligations are in addition
to the City's remaining authority to issue Obligations under the authority of
Resolution Number 94-4687.
Section 3. That before issuing the $2,500,000 of Obligations, this
resolution shall be published once each week for two consecutive weeks in the
official City newspaper. The $2,500,000 of Obligations may be issued unless a
petition in opposition thereto, filed by not less than 5% of the electors of the
City, is filed with the County Election Officer of Saline County within 30 days
following the second publication of the resolution. If such petition is filed,
the overning body of the City shall submit the question of the issuance of
the f2,500,000 of Obligations for the Project to the electors of the City at an
election called for such purpose as provided in the Act. If no sufficient
petition is filed with the County Election Officer of Saline County within the
period of time hereinbefore stated, then the governing body of the City shall
proceed with the issuance of the $2,500,000 of Obligations for the Project.
Section 4. That the City expects to make expenditures on and after
the date of adoption of this resolution in connection with the Project, and
intends to reimburse itself for such Expenditures with the proceeds of the
$2,500,000 of Obligations of the City.
Section 5. That this resolution shall be in full force and effect
from and after its adoption.
Adopted by the Board of Commissioners and signed by the Mayor
this 15th day of May, 1995.
4�
ohn Divine, Mayor
(SEAL)
ATTEST:
Judy D ong
i Cl k